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We’ve Passed the Bottom!
January 30th, 2012 Categories: Real Estate News
In a recent interview with the San Diego Daily Transcript’s executive editor, George Chamberlin, Alan Nevin was very optimistic about San Diego’s housing market. Alan Nevin was with MarketPointe Realty Advisors for 14 years before joining The London Group, both of which are local companies that more or less, study and analyze real estate.
It’s About Time!
April 14th, 2011 Categories: Real Estate News
Well, even though it’s approved, I’m still not holding my breath. The $228 million dollar North Embarcadero Visionary Project has been re-approved. In a recent 8-1 vote, the California Coastal Commission set the first phase of the project in motion and prevented $28 million dollars in redevelopment funds from being reallocated.
The work will begin in December of this year and the first phase may be completed in 2 years. Hopefully this does happen and the rest of the re-development comes soon.
Vantage Pointe has its First Sale
October 14th, 2010 Categories: Real Estate News
Downtown San Diego’s most unsuccessful condo project has finally had its first sale. After trying to sell the 679 condos in a down market, the developer, Pointe of View, just sold the entire building to Equity Residential. After being hit hard by the real estate downturn and an insanely large number of condos to sell, Vantage Pointe is now a true rental building.
New Chargers Stadium Downtown
October 11th, 2010 Categories: Real Estate News
Here is a Q and A about the new bill that will remove the spending cap for downtown development. This was taken directly from www.signonsandiego.com “ it was an article posted by Matthew Hall and Roger Showely.
Q: Why is there a cap?
A: The downtown redevelopment project area east of the Gaslamp Quarter was adopted in 1992 with a $2.9 billion the cap in place. At the time, it was the amount of development planners expected would occur over the life of the project. But in the wake of Petco Parks opening in 2004, so much development has occurred in East Village that the cap is nearly at its limit. State law eliminated the cap for projects adopted after 1994 and this special legislation brings the San Diego project into line with the treatment of such projects in other cities.
CCDC Spending Cap Lifted – Time to Buy
October 11th, 2010 Categories: Real Estate News
Last week, California legislature passed a bill that will impact downtown San Diego’s future…in a good way. Generally speaking, the new bill removes the cap on how much tax revenue the Centre City Development Corporation(CCDC) can collect and spend. This means that the (re)development of downtown San Diego just got whole new outlook.
Down Goes Vantage Pointe
September 1st, 2010 Categories: Real Estate News
Oh Vantage Pointe…what were you ever thinking…
Yesterday, Vantage Pointe announced that it “halted sales on the 679–unit condo project and is returning deposits to dozens of buyers who had been waiting to close escrow.” The San Diego Union Tribune also noted that this was the second time in the last year that Vantage Pointe has had to give deposits back – Vantage Pointe previously had refunded deposits to about 300 buyers due to new lending guidelines that required a higher pre-sale percentage. It’s hard to say that I’m shocked of the news, rather I’m shocked it took this long.
Three More Months – HR 4213
June 17th, 2010 Categories: Real Estate Finance, Real Estate News
Senate just passed a bill that extends the First Time Home Buyer, Federal Tax Credit. Previously, home buyers who qualified could get an $8000 tax credit if they were in escrow by April 30th of 2010 and closed by June 30th of 2010. Thanks to amendment HR 4213, the American Jobs and Closing Tax Loopholes Act of 2010, now you can close escrow as late as September 30th of this year and still qualify for the credit – but you still would have had to have been under contract by April 30th. This is NOT for the $10K California home buyer tax credit. Good luck!
Is Short Sale Debt Taxable?
April 15th, 2010 Categories: Real Estate Finance, Real Estate News
If you’re like one of the millions of people(actually, I’m not sure how many people are actually doing this) who are trying to short sale their home, I’m sure you’ve been worrying about the taxes that you’ll eventually have to pay. Well, it looks like you may have dodged the bullet! According to a recently passed California bill, Senate Bill 401, for those who qualify, forgiven short sale debt will not be taxable.
Vantage Pointe Condos
October 20th, 2009 Categories: Real Estate News
Ive been known to be critical of new buildings and I may be too opinionated for some peoplebut I cant help it. Look at downtown San Diegos largest condominium building “ Vantage Pointe. This new 92101 development has almost 700 condos and is HUGE! Most downtown San Diego highrises condo buildings have about 150“250 condos “ about a third of Vantage Pointe. As the developer, Pointe of View, tries to sell off its inventory, I cant help but think one thing “ foreclosure.
Fire Causes Evacuation in Diamond Terrace Condos
October 2nd, 2009 Categories: Real Estate News
Last night, 13 condos in downtown San Diego’s Diamond Terrace(located at 427 9th Ave) highrise were flooded by the fire sprinklers. Apparently someone was using a heater(I’m assuming a space heater and not the condo’s heater) and placed it too close to the closet. The ensuing fire triggered the sprinklers and 13 condos were evacuated. According the CBS 8 News, no one was injured, but I’m sure a lot of people weren’t too happy.
I wonder why someone was using a heater? It’s not even cold in San Diego! Well, I’m glad no one got hurt and it’s good to know Diamond Terrace’s fire sprinklers work.
